Cairo – Mubasher: Egypt-based Ezz Elarab Automotive Group on Sunday announced acquiring AVIS Egypt.
This acquisition is aimed at launching a large entity, which is set to provide transportation and car rental solutions in Egypt through merging “BUDGET” trademark with “AVIS” to be “AVIS BUDGET EGYPT”, according to the group’s statement.
Ezz Elarab Automotive Group further noted that it aims through the deal to offer 250 vehicles in 15 sites, the firm’s chairman Hisham Ezz Elarab stated.
He indicated that his group aims to invest around EGP 500 million by the end of 2019.
This consolidation aims to launch a fleet of 1,000 cars during 2019, AVIS BUDGET’s chairman commented.
The company didn't give further details on the value of the acquisition deal.
